After internal disagreements postponed its meeting from mid-November to the last day of the month, OPEC+ has decided to set no new mandatory production cut for the cartel as a whole.
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WORLD ECONOMY WILL SLOW SLIGHTLY IN 2024, OECD SAYS
Wars, lingering inflation, and persistent high interest rates will hold global economic growth to 2.7 percent in 2024, compared to an expected 2.9 percent this year, and perk up to 3.0 percent in 2025, the Organization for Economic Cooperation and Development (OECD) has forecast.
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GOING OUT OF BUSINESS TRENDS
In recent times, the economic landscape has presented an array of challenges that have profoundly affected the business community. Some of the most significant challenges include soaring inflation rates, escalating interest rates, looming fears of a recession, and a tangible decrease in revenues for many sectors…
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WHEN THE ECONOMY FALLS JOBS GO WITH IT
The economic slowdown is for all to see. Holiday sales are weaker than expected, job openings are dropping and as the data shows, firings are increasing. Welcome to week 64 of the job loss trend.
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PENDING HOME SALES CRASH TO RECORD LOW
Homes under signed contracts for sale slipped 1.5 percent in October from September as the traditional home-buying season ended, the National Association of Realtors (NAR) reported.
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CONSUMERS GIVE RETAILERS A LUMP OF COAL FOR THE HOLIDAYS
Initial reports show that consumers spent more than last year over the frenzied “Black Friday” shopping weekend following the Thanksgiving holiday, but only because prices were higher, The Wall Street Journal reported.
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HEALTHCARE LEADS U.S. JOB GROWTH
Thirty percent of new jobs created in the U.S. in the six months through 31 October were in healthcare, the Labor Department reported.
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THIRD-QUARTER GROWTH ESTIMATE REVISED UPWARD
In this year’s third quarter, the U.S. economy grew by a robust 5.2 percent, adjusted for inflation, not the 4.9-percent clip estimated earlier, the Commerce Department said in a statement.
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U.S. MANUFACTURING SLOWED AGAIN IN NOVEMBER
U.S. factory output has been contracting for 13 consecutive months, the Institute for Supply Management (ISM) said in announcing its Purchasing Managers Index (PMI) for November.
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INVESTORS DIVE BACK INTO RISKIER ASSETS
Believing that inflation has been tamed and interest rates will not rise further, investors are piling back into global stocks, which had been seen as risky as long as the dollar was strong and U.S. interest rates continued to rise.